Types of trade
is the buying of goods and services from another country.
what is Imports?
the practice of the government putting limits on foreign trade to protect businesses at home.
What is protectionism?
Is something that you desire but do not need to have it.
What is wants?
Is goods and services that are not offered to the public
What is private?
Is a tangible object that people buy.
What is good?
Is the selling of goods and services to another country.
What is exports?
Is a tax placed on imports to increase their price in the market.
What is tariff?
Is something that is necessary for survival.
What is needs?
Is sustained downturn in economic activity.
What is depression?
Is output per worker.
What is productivity?
Is the difference of value between a country's imports and exports.
What is balance of trade?
Is a limit placed on the amount of a product that can be imported.
What is quota?
Is a condition that exist when we have unlimited wants but limited resources.
What is scarcity?
Is the overall increase of price on products.
What is inflation?
Is the study of how people make choices because of scarcity?
What is economics?
Is the ability of a country or company to produce a particular good more efficiently than another country or company.
What is comparative advantage?
Is a ban on certain import or export of a product.
What is embargo?
Is when the quantity demand is higher than the quantity in supply.
What is shortage?
Is the value of the next best alternative.
What is opportunity cost?
Is the price at which one currency can buy another currency.
What is exchange rate?
Is a countermeasure to reduce competition from other countries.
What is trade barriers?
Is the point at which supply meets demand.
What is equilibrium?
Is services available to everybody.
What is public?
Is money you make for selling your service or good.
What is revenue?